A record US$7.8 billion was invested in Canadian fintechs in the first six months of 2024, a figure which is up dramatically over last year’s full-year total of US$1.1 billion. However, more than 90% of this year’s value hails from just two large deals: Private equity investments into two Montréal-based fintechs—Nuvei and Plusgrade—were among the biggest five deals globally, found KPMG’s Pulse of Fintech report.
Nuvei’s US$6B take-private deal was the largest in Canada and the second largest globally. The $1B directed toward Plusgrade was the second largest in Canada and fifth largest in the world. Excluding those two deals, total investment was US$500 million—down 26% from the prior half-year period.
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